Monarch Continues to Define High-Grade Gold Mineralization near Surface at the Beaufor Mine with 99.7 gt Au Over 0.6 m

MONTREAL - MONARCH MINING CORPORATION ('Monarch' or the 'Corporation') (TSX: GBAR) (OTCQX: GBARF) is pleased to report the final results from its 2021 surface drilling program on its wholly-owned Beaufor Mine gold project, located 20 kilometres east of Val-d'Or, Quebec.

The results show several high-grade assays such as 46.29 g/t Au over 1.3 m (including 99.7 g/t Au over 0.6 m), 9.71 g/t Au over 2.5 m (including 33.1 g/t Au over 0.5 m), 29.8 g/t Au over 0.7 m and 28.1 g/t Au over 0.5 m. Much of the surface drilling consisted of shallow holes testing the W and 350 zones within 250 metres of surface. Monarch has reported previous surface drill results in the area, including 35.87 g/t Au over 9.8 metres and 11.02 g/t Au over 5.55 m.

The Beaufor Mine began producing in the early 1930s and over the years has yielded over 1.1 million ounces of gold. The mine is currently on care and maintenance, which has given Monarch the opportunity to access the mine area to drill-test targets. In June 2020, the Corporation initiated a 42,500-metre diamond drilling program to test two types of targets: the areas around historical high-grade intersections near the existing underground infrastructure, and isolated resource blocks, which are typically defined by a single drill intersection. Both of these 'near-mine' targets can often be tested from the existing underground workings, generally by holes less than 200 metres long. Currently, 258 holes totalling 43,419 metres have been drilled during the exploration program. Given the positive results obtained, additional holes are now being drilled to allow the zones in question to be converted into reserves and included in a future mine plan. Monarch is continuing exploration definition drilling with five underground drill rigs.

Underground development and rehabilitation are ongoing in the area of the W and 350 zones, which is easily accessible from a surface ramp located 350 metres from the main Beaufor shaft. The surface ramp providing access to the W and 350 zones presently extends to a vertical depth of 180 metres below surface.

BBA Inc. completed the mineral resource estimate for the Beaufor Mine in August 2021. An additional 25,623 metres of drilling in 105 drill holes has been completed since.

'The results of this surface drilling program are very encouraging,' said Jean-Marc Lacoste, President and Chief Executive Officer of Monarch. 'We are very pleased to be able to develop new sectors of the mine where we can define and pull mineralization elsewhere than the bottom of the mine, which was the focus in the past. This work confirms our view that the project has excellent discovery potential both underground and near surface and that there is therefore a strong possibility of increased mine resources on multiple fronts.'

Sampling consists of sawing the drill core into equal halves along its main axis and shipping one of the halves to ALS Canada in Val-d'Or, Quebec, and AGAT Laboratories in Mississauga, Ontario, for assaying. The samples are crushed, pulverized and assayed by fire assay, with atomic absorption finish. Samples exceeding 10.0 g/t Au are re-assayed using the gravity method and samples containing visible gold are assayed using the metallic screen method. Monarch uses a comprehensive QA/QC protocol, including the insertion of standards, blanks and duplicates.

About Beaufor

The Beaufor Mine is located within the Bourlamaque Batholith at the eastern contact with the Dubuisson Formation. The Bourlamaque Batholith, a synvolcanic intrusion, is a major geological feature of the Val-d'Or mining camp. It is a quartziferous granodiorite cut by fine-grained diorite dykes. Gold mineralization occurs in veins associated with shear zones dipping moderately south. Mineralization is associated with quartz-tourmaline-pyrite veins resulting from the filling of shear and extension fractures. Gold-bearing veins show a close association with mafic dykes intruding the granodiorite. A National Instrument 43-101 resource estimate for the Beaufor Mine property was prepared for Monarch Mining in August 2021 by Charlotte Athurion, P. Geo, BBA Inc.

About Monarch

Monarch Mining Corporation (TSX: GBAR) (OTCQX: GBARF) is a fully integrated mining company that owns four projects, including the Beaufor Mine, which has produced more than 1 million ounces of gold over the last 30 years. Other assets include the Croinor Gold, McKenzie Break and Swanson properties, all located near Monarch's wholly owned 750 tpd Beacon Mill. Monarch owns 28,702 hectares (287 km2) of mining assets in the prolific Abitibi mining camp that host a combined measured and indicated gold resource of 478,982 ounces and a combined inferred resource of 383,393 ounces.

Forward-Looking Statements

The forward-looking statements in this press release involve known and unknown risks, uncertainties and other factors that may cause Monarch's actual results, performance and achievements to be materially different from the results, performance or achievements expressed or implied therein.

Contact:

Jean-Marc Lacoste

Tel: [phone]

Email: [e-mail]

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